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According to a report by EnergyWorld.
The company is increasingly expanding into the field of renewable energy and diversifying from its hydrocarbon-centric business.
Total reported that during the January-March period, adjusted net profit was US$3 billion, an increase of 69% year-on-year and 9% higher than the level of the first quarter of 2019.
With the start of the lockdown due to the new crown epidemic in early 2020, oil prices have plummeted, travel has stalled and fuel demand has fallen sharply, forcing companies such as Total to cut investment and seek cost savings.
The rebound in prices is boosting the revenues of peers such as Total and British Petroleum (BP), as the acceleration of COVID-19 vaccination programs has also improved the prospects for continued demand, even though some European countries are still implementing lockdowns.
Total warned that the oil environment remains "unstable and depends on the recovery of global demand.
Like some of its peers, it has also benefited from the booming natural gas business.
The group, which will rename itself Total Energies Total Energy, said that this year’s investment target is between US$12 billion and US$13 billion, half of which will be used for maintenance activities and the rest for growth, including further entry into the renewable energy sector.
Total stated that based on the oil and gas prices remaining at the level of the first quarter, the price of Brent crude oil is US$60 per barrel, and the European refining profit rate is US$10-15 per ton.
Compared with the first quarter earnings, the group's interim dividend remained stable at 0.
Hao Fen Translated from Energy World Network
The original text is as follows:
Total back to pre-pandemic profit levels as oil prices rise
French energy group Total SE on Thursday posted first-quarter earnings similar to the levels it was generating before the coronavirus pandemic hit profits, as higher oil and gas prices boosted its trading business and it increased electricity production.
The company, which is increasingly branching into renewable energy and diversifying away from its hydrocarbon-centered activities, profited from this drive as areas like oil refining suffered.
Total reported an adjusted net income of $3 billion for the January to March period, a 69 per cent rise year-on-year, and 9 per cent above first quarter 2019 levels.
This was despite a drop in hydrocarbon production of 7 per cent from a year earlier, to 2.
Oil prices plummeted with the start of coronavirus lockdowns early in 2020 that brought travel to a standstill and crushed fuel demand, pushing companies like Total to cut investments and find cost savings.
Recovering prices are now boosting earnings at Total and peers like Britain's BP, as accelerating COVID-19 vaccination programmes also raise prospects for sustained demand, although lockdowns remain in place in some of Europe.
Total cautioned that the oil environment remained "volatile and dependent on the global demand recovery.
"
Like some peers, it is also benefiting from a booming natural gas business.
The group, which is set to rebrand itself as TotalEnergies, said it was eyeing $12 billion to $13 billion in investments this year, with half of that going to maintaining activities and the rest for growth, including to further its push into renewable energy.
Total said it expected to generate some $24 billion in debt-adjusted cash flow in 2021, based on hydrocarbon prices remaining at first-quarter levels, with Brent crude at $60 a barrel, and European refining margins of $10 to $15 per tonne.
The group maintained a stable interim dividend of 0.
66 euros per share against first quarter earnings.